Nikhil Rathi has spoken about how to achieve the objective of international competitiveness and growth over the medium to long term. Rathi highlighted 5 key ingredients for achieving this:
- An operationally effective regulator – including the operational transformations that have led to a far higher number of applications being refused or withdrawn than in the past, which in turn should leave FCA more resource to focus on supervision and lead to fewer, faster enforcement investigations. He said this approach is already bringing benefits, and that FCA is focusing on the most serious harms;
- FCA being internationally engaged, leading on standards, risk oversight and innovation: on this, he included how AI has developed for market use;
- Far-reaching reforms to support a bolder risk appetite;
- A raised ambition on data and digital infrastructure, including more efficient and secure digital identities to help reduce the financial crime and fraud that drains competitiveness;
- Supporting the talent and capabilities needed so that everyone can access financial services from a sector that is genuinely open to all backgrounds.